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The cryptocurrency market is a place where sharp movements occur from time to time. Rapid movements bring significant declines and increases. After the fall, which started at 02:00 at night and resulted in a decrease of about 4,000 dollars in BTC, the market began to wonder what was next. The sharp decline in BTC is also reflected in altcoins.
Bitcoin Fell Down to $40,400
With the decline we mentioned that occurred at night, BTC fell to $40,600, and then we see a rapid recovery. The reaction to the sharp movement in BTC, which reached about $4,000, brought the BTC price to $42,371 at the time of writing.
Sharp movements in price led to the liquidation of a $97 million short and long-focused position in Bitcoin, according to Coinglass data. In Ethereum, the liquidated amount was just over $80 million.
Sharp Movements in Altcoins Too
The sharp drop in Bitcoin and the subsequent rapid recovery led to a similar process for altcoins. At the time of writing, Ethereum fell to $2,160. Subsequent response purchases brought the ETH price to $2,150 while writing.
Looking at the leading cryptocurrencies, XRP is trading at $0.62, Solana is trading at $70. Cardano (ADA), which has seen an increase of over 50% in recent days, is trading at $0.56.
With the volatility in the cryptocurrency market, we see that $390 million of long and short-focused positions have been wiped out in the last 24 hours. Of these positions, $340 million is long-focused, while about $53 million is made up of short-focused positions.
In conclusion, a night of rapid recovery was experienced in both Bitcoin and altcoins. The recovery of prices could be an indicator that upward movements could continue in the coming days. On the other hand, there is also a possibility that the price for BTC may remain in a range. This situation can be interpreted as a harbinger of a slight increase for altcoins. However, if there is a drop in BTC, this will mean a decline for altcoins, as was the case with the movement that occurred at night.
